For brick and mortar businesses, it is essential to ensure that the premise is in order as well as protected from intruders and thieves. This is not just to protect your business but also to help you to serve your customers in the best ways possible without disruptions or hassles. Security system advances have made possible the remote monitoring of your premises. Cybersecurity is of also of great concern to online business. Hackers are on the rise as they are always looking for vulnerabilities in your site to exploit. Suffering from cybersecurity will not only cost you lots of money but also your reputation as well as customers. Studies indicate that customers experience will soon overtake products and price as the significant differentiator of brands in 2020. This shows that no matter how low your rates will be and how excellent your services or products are, your customer experience will determine your stay in the industry. Thus, all organizations must strive to ensure that their customers receive the best experiences when doing transactions with them. Customer security will lead to customer retention which translates to more sales. There are several ways on how companies can ensure customers security:
Collecting and Storing Customer Information
Gathering and storing information about customers is essential for designing your customer service plans and improving your business. Nevertheless, there are legal limitations on what one can do with the customer information. The information collected must be in line with the privacy laws. Moreover, the code indicates how this information must be stored. A customer’s biggest fear is that their payment, as well as identity information may land in the wrong hands, letting hackers and criminals to access their bank accounts, online accounts as well as their credit card. Hence, to reassure customers of reduced risks of fraud, make sure there is:
End-To-End Encryption and Tokens
Security is a grave concern when it comes to most payment providers. The moment a client enters details using online forms, they must be encrypted and stored on a secure server. Tokenisation will also help in ensuring that the merchant is not able to save the card numbers. Instead, unique tokens are allotted to all transaction that can only serve that particular payment and henceforth, meaningless to an outsider.
Billing address/ Verify Cards
Understanding your customers means you know well who they claim to be and this can be done through card verification. The most efficient way to verify a customer’s card is to use the Card Verification Value (CVV) number which is the information found behind the card including (AVS) address verification system. . This card information and the information on the file must be the same as that one with the bank or card issuer.
Implement 3D Secure
Most of the leading card brands provide a 3D secure solution. 3D secure solution plays the role of an extra coat of security that plays the role of a PIN number in companies. 3D Systems help protect the clients and the merchant from deceitful dealings. Organizations must ensure that their payment gateways are working with the systems of 3D secure. Most customers are aware of and trust the traditional layer of security but not in all places. For instance, if your business involves cross borders, it is critical to ensure that the 3D secure solution is implemented or getting a local alternative from your PSP.
Ensure Your Website Has A SSL (Secure Socket Layers) Certificate
SSL certificates are a means of ensuring that the data that passes between a server and a web browser is encrypted. It is essential for all payment providers to have SSL activated. The SSL operates from the background to safeguard the customer’s details. Most customers look for the SSL’s padlock symbol when browsing sites for security reasons.
Clients have all the rights to be concerned about their security before they can purchase products. As a retailer, it is your responsibility to ensure that the details that your customers give are safe. Payment providers are putting so many resources into providing that the security risks are reduced as well as addressing a continuously changing landscape. Unavoidably, when one security issues are handled, criminals and hackers look for a different one. Importantly, keeping your customers secure is one method to safeguard your business as well as your public image